Green REIT's portfolio valuation rises by 11%

Green REIT's portfolio valuation increased by 11% to €1.381 billion in the year to the end of June

Commercial real estate investment trust Green REIT has reported higher net asset values for the year to the end of June, but its profit after tax slipped.

Green REIT said its net asset value rose by 10% to €1.152 billion while its profit after tax fell by 11% to €129.8m from €145.5m the same time the previous year.

The group's portfolio valuation increased by 11% to €1.381 billion.

The company, whose developments include Central Park and Horizon Logistics Park, has proposed a full year dividend of five cent per share, up 9% on the the previous year.

Pat Gunne, CEO of Green Property REIT Ventures, said the market backdrop in Ireland continues to provide the company with opportunity, especially around its development assets.

"The strong levels of foreign investment into Ireland, demonstrated by the ongoing success of IDA Ireland in attracting international projects, is one of the key factors encouraging us to expand upon our existing development programme as we continue to successfully de-risk our current pipeline," Mr Gunne added.

During the year, the company completed and fully let office developments at 32 Molesworth Street and Building H at Central Park, which added 6.5m to contracted annual rents.

It also started construction of Building 1 in Central Park, with completion of this 9,000 square metre building expected by the first quarter of 2019.

Green REIT bought 164 acres of additional land at Horizon Logistics Park near Dublin Airport, while it also completed a fourth new unit at the site.

Meanwhile, Barclays Bank Ireland signed a deal for One Molesworth Street at an annual rent of 2.4m.

In total, the company said that €8m of new contracted annual rent was added from developments in the year to June.

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